Maybank News

Singapore law firm asks for vessels to be arrested; bunker barges owned by Vermont UM Shipping. Four marine refuelling barges owned and operated by Vermont UM Shipping Pte Ltd were seized in Singapore on Monday night, according to the website of Singapore's Supreme Court. Singaporean law firm Rajah & Tann seized the vessels over unpaid claims on behalf of its client, Malayan Banking Berhad, or Maybank, said a source with direct knowledge of the matter who declined to be identified as the person is not authorised to speak to the media. The source declined to specify the amount of the claims against Vermont UM Shipping. Rajah & Tann did not respond to an emailed request for comment. Maybank also did not respond to an emailed request for comment.

CMA CGM has finally made its all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines (NOL). This follows approvals by the relevant regulatory authorities in the European Union and China. The offer price is SGD 1.30 in cash per NOL share, which CMA CGM called a fair value and an offer that the company does not intend to increase. Acceptance of the offer is due by July 4, 2016. CMA CGM currently owns 10.5% of all NOL shares, and intends to delist and privatise NOL through the Offer. NOL’s majority shareholders (Temasek Holdings (Private) Limited and its affiliates), which own 66.78% of all NOL shares, will tender all of their NOL shares in acceptance of the Offer.

COSCO Corp (Singapore) , part of one of China's largest shipbuilding groups, warned that its customers could struggle to pay their bills as funding costs rise, after posting sales on credit at their highest level in 11 years. The Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company said trade and other receivables -- sales for which the company has not received cash payment -- rose more than 60 percent so far this year to S$4.7 billion ($3.7 billion). Reporting an almost 70 percent jump in third-quarter profit on Monday, the company said higher receivables reflected a rise in construction contracts in its marine engineering segment. But the company said tougher credit conditions would hurt.

SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters. Norway's Seadrill Ltd., the world's top offshore oil driller, is offering up to 230 million shares of SapuraKencana at 4.3 ringgit each, putting the total value of the deal at up to 989 million ringgit ($305 million). The price is equivalent to a 3.4 percent discount to Wednesday's closing price of 4.45 ringgit. The deal consists of a base offer of 180 million shares, with an option to grow by 50 million shares, according to the terms. Maybank was hired as sole placing agent for the selldown. ($1 = 3.2410 Malaysian Ringgits)   Reporting by Elzio Barreto

Metal Trades, Inc. announced the completion of two double hull Fuel Barges for the U.S. Navy as a sub-contractor to Maybank Industries. The ABS classed 7,000 barrel barges are designed to carry diesel and JP-5 fuel in four cargo tanks within a 180 foot long by 44 foot wide hull. These two barges are being delivered to Pacific Naval Facilities. The two barges (YON-332 and YON-333) were designed by Bristol Harbor Group. Metal Trades will be launching two more double hull barges in 2012 for the same customer, with final delivery to U.S. Naval facilities on the East Coast.

Metal Trades, Inc. was contracted by Maybank Industries. LLC to build two new types of double hull barges for the U.S. Navy. Three “YON” fuel barges and one Ship Waste Offloading Barge (SWOB) will be built, each type with identical 6,900 barrel capacity cargo and double hull configurations. The ABS classed barges are being designed by Bristol Harbor Group of Bristol, RI to be 180 feet long and 44 feet wide. Production Engineering services are being performed by Bluewater Designs, Inc. of Delray Beach, FL.

Metal Trades, Inc. announced the completion of YON 331, the second vessel of a new class of 14,000 barrel double hull fuel barges for the U.S. Navy. The 200-ft x 52-ft barge was designed by Bristol Harbor Group of Bristol, R.I. to carry either Diesel or JP5 Jet Fuel in five cargo tanks. Metal Trades was contracted by Maybank Industries, located in Charleston, S.C.. The barge will be delivered to the Naval Supply Systems Command Fuel Depot facility in Norfolk, Va. Shaun Flynn, Metal Trades’ VP of Operations said…

Bristol Harbor Group, Inc. (BHGI), has been contracted by Metal Trades, Inc. of Hollywood, South Carolina to design two 14,000 BBL Double Hull Oil Tank Barges to carry ‘D’ and ‘E’ grade fuels for the U.S. Navy. Metal Trades is building the new barges as a sub-contractor to Maybank Industries, LLC based in Charleston, SC. The 200.f ft x 52 ft x 16.5 ft sister vessels are fully compliant with the Oil Pollution Act of 1990 and are classed ABS Maltese Cross A1 Oil Tank Barge Unmanned Ocean Service. The first hull, YON 330, has been built and delivered to begin service at the U.S. Naval Fuel Depot.

Bollinger Marine Fabricators on Lytal Ashley - an oilfield supply vessel (OSV) for Lytal Ocean. In addition, a contract has already been formalized for a nearly identical sistership Lytal Andre, which is scheduled for delivery in April 2001. Both vessels will measure 146 ft. (44.5 m), each with a 36-ft. (10.9 m) beam and a depth of 11 ft. (3.3 m) Normal operating draft will be 10 ft. (3 m) and speed is expected to be 12.5 knots. Bollinger's engineering department designed the vessels to meet and exceed new regulatory requirements, which is less than 100-gt and less than 500-gt registered tonnage. Two Detroit Diesel engines developing a total of 1,400-bhp will power each OSV. They will drive 70-in. diameter by 67-in. pitch, four-blade Bird Johnson propellers through Twin Disc gears.